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- November 1, 202614°
- BIST10010,760-3.63%
- USD49.86+0.15%
- EUR55.82+0.52%
- GOLD3,898.90-3.29%
- INTEREST36.00%-1.00
- BITCOIN77,562+0.16%
- November 1, 202614°
Bank of Russia keeps key rate at 14%, raises inflation forecast
At its meeting on Friday, the Bank of Russia left the key rate unchanged at 14% per year. The regulator raised its 2026 inflation forecast to 7.1–7.6% and improved its GDP growth estimate to 0.5–1%.
On Friday, the Bank of Russia kept its key rate at 14% per year. According to the regulator, annual inflation stood at 6.8% at the beginning of the week.
The Bank of Russia raised its 2026 inflation forecast to 7.1–7.6%, but expects price growth in the following year to approach the 4% target. Inflation expectations remain elevated; the regulator attributes part of the recent price growth to one-off factors, including a temporary reduction in production capacity.
The forecast for the average key rate next year was raised by two percentage points to 12.5–13.5%. Analysts had broadly expected the rate to remain unchanged. Sofya Donets, chief economist at T-Investments, said the regulator's neutral signal could leave room for another rate cut this year.
Despite the worsening inflation outlook, the Bank of Russia raised its 2026 GDP growth forecast to 0.5–1%. On Friday, the price of oil exceeded $115 per barrel for the first time since May. The next key-rate meeting will be held on December 18.
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